The UK publishes its negotiating mandate for trade talks with the EU
- Trade deal should be based on Canada, Japan-style deals
- UK will not extend Brexit transition period with the EU
- To decide by June if a deal is possible before December deadline
- To start no-deal preparations if an accord is not clear by June
- Wants broad outline of trade deal to be clear by June
- Will not sign up to alignment on EU rules, regulations
Yeah, basically runs opposite to the red lines set out by the EU in their mandate earlier in the week here. The pound has fallen to fresh session lows on the day on this release, with cable falling to a low of 1.2875 now - on the way towards the year's low near 1.2850.
I don't think what is laid out by the UK comes as any surprise as Boris Johnson has been highlighting the same exact red lines over the past few weeks. But this just confirms how tough negotiations are going to be when they begin next month.
Tick tock, tick tock. The inevitable looks to be coming...
